Asian Markets Bounce Back,
But Bears Are Still Uncertain

Asian stock markets rebounded Wednesday on the back of New York's overnight surge, paced by a scorching 19% rally in Hong Kong. But the advance hasn't transformed many bears into bulls.

"One is relieved, not impressed," said Jill Smith, investment director with Rothschild Asset Management (Singapore) Ltd. Beyond Hong Kong, the bounce for other Asian markets that had fallen 6% to 9% the day before wasn't nearly as robust, she...